$30 Million Office Development Broke Ground at Fifth Street and Congress Avenue

By Anca Gagiuc, Associate Editor

At 501 Congress Avenue, where the former annex of the Bank of America once stood, ground was broken for a $30 million office development. Stream Realty Partners purchased the site in April 2013 in a partnership with four other firms.

The project is designed to have five stories that will fit between the Frost Bank and Bank of America towers. It will entail 116,000 square feet of office space, a lounge-like lobby, an atrium, a rooftop terrace, and 12,000 square feet of mixed space. Prospective tenants have already manifested interest in the retail, restaurant, and office space, according to Austin Business Journal. Lance Sallis, partner and brokerage/transaction specialist at Stream’s Austin office, is leading the project.

Responsible for the building’s architecture and interior design are Michael Hsu and Sixthriver Architects. Murals and other artwork will beautify the space, as well as walnut panels and terrazzo. A parking garage of eight stories is also planned for the building and it will replace the existing structure behind the office space after demolition.

Stream Realty Partners was founded in 1996 and it specializes in leasing and management services with over 100 million square feet of office, industrial, and retail assignments. From two partners the firm grew to 450 real estate professionals who handle over $1 billion in real estate transactions annually.